Bearings Market Size, Share & Trends Report

Bearings Market Size, Share & Trends Analysis Report By Product, By Application (Automotive, Agriculture, Electrical, Mining & Construction, Railway & Aerospace, Automotive Aftermarket), By Region, And Segment Forecasts, 2021 - 2028

  • Published Date: Apr, 2021
  • Base Year for Estimate: 2020
  • Report ID: 978-1-68038-373-7
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2019
  • Number of Pages: 80

Report Overview

The global bearings market size was valued at USD 118.7 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.5% from 2021 to 2028. Bearings are virtually used in every kind of equipment or machinery, ranging from automobile parts, farm equipment, and household appliances to defense and aerospace equipment. This factor is projected to drive the market in near future. There has been a rising demand for bearings with lower maintenance requirements, higher efficiency, and longer service life.

Germany bearing market size, by product, 2016 - 2028 (USD Billion)

Moreover, a rise in demand for specialized bearing solutions that meet different industry-specific requirements and challenges is projected to boost the market. For instance, the rising application of high-capacity products in wind turbines is expected to catapult the demand. Wind turbines utilize these products to enhance turbine performance and reliability, increase energy production, and reduce lubricant consumption.

Manufacturers constantly work on improving the product designs to increase performance and energy efficiency. They use a special material for raceways, cages, and rolling elements as well as redesigned raceway profiles. Furthermore, technological advancements in seal and lubrication technologies and the use of lightweight materials in high-performance products are generating huge prospects for the manufacturers. Integration of electro-mechanical features directly into the bearings helps in performance improvement and reductions in size and cost.

Rising demand for high-performance bearings has resulted in manufacturers integrating advanced sensor units in their products. The sensor units assist in digital monitoring of axial movement, deceleration, acceleration, rotation speed, and load-carrying capacity of the product. Additionally, the advent of the Agricultural Internet of Things (IoT) has encouraged the adoption and constant monitoring of connected equipment and machinery. This trend has also influenced the market positively.

A few key suppliers have started providing smart bearings, whose conditions can be constantly monitored to predict faults before they occur. The adoption of smart bearings is still in the nascent stage. Several other major manufacturers are likely to offer smart bearings in their portfolios in near future. As it is easy to predict the faults in smart bearings before they occur, they add considerable value by reducing the cost of unexpected downtime, which is projected to surge the espousal of these products during the forecast period.

The coronavirus pandemic has had a significant impact on the market with many of the manufacturing companies facing adverse effects of lockdown situations in major economies such as China, Japan, among several others. The automotive industry, which is the largest consumer of bearing among all the other industries, witnessed a substantial reduction in vehicle production primarily owing to the supply chain disruptions and restrictions on the movement of people. However, the conditions improved in the later quarters of 2020 with gradual upliftment of restrictions and subsequent increase in production activities. Moreover, the rollout of coronavirus vaccine across the globe is further anticipated to strengthen the market growth over the forecast period.

Product Insights

The roller bearings segment dominated the market and accounted for the largest revenue share of more than 45.0% in 2020. Further, this segment is also anticipated to continue its dominance and emerge as the fastest-growing segment by 2028. These products reduce rotational friction, support radial and axial loads, and can sustain limited axial loads and heavy radial loads more efficiently than their counterparts. The widespread espousal of roller bearings by several industries, such as capital equipment, automobiles, home appliances, and aerospace, is estimated to positively impact the product demand.

The report also covers the ball bearings and other bearings. Ball bearings have a smaller surface contact, and therefore, help to reduce friction to a great extent. They can also be used with thrust and radial loadings, ascribed to which, these products are increasingly being used in both four and two-wheeled automobiles. Hence the segment is anticipated to witness healthy growth over the forecast period.

Application Insights

The automotive segment dominated the market and held the largest revenue share of approximately 50.0% in 2020. The high share of this segment can be attributed to high automotive production, globally. Also, the demand for vehicles with technologically advanced solutions is escalating, thus, leading to rise in vehicle manufacturing that necessitates instrumented products. The growth in demand for highly advanced vehicles and the subsequent increase in the capabilities of the vehicles has escalated the demand for bearing in the automotive industry. Additionally, the automotive aftermarket segment is also anticipated to boost at a subsequently higher CAGR over the forecast period, thereby further bolstering the demand for bearings.

Global bearing market share, by application, 2020 (%)

The railway and aerospace segment is anticipated to emerge as the fastest-growing segment by 2028. This growth can be attributed to growing interest in travel activities, the growing need to renew aging fleets owing to stringent environmental legislation, and fuel price pressure coupled with the availability of improved ways to assist global and local transportation systems. Demand from the railway segment is also anticipated to rise on account of accelerated railway construction in developing countries. Further, surging demand for small single-aisle aircraft and helicopters from emerging economies is anticipated further drive the growth of the segment.

Regional Insights

Asia Pacific dominated the bearings market and accounted for the largest revenue share of 39.7% in 2020. The region is projected to observe the fastest growth in terms of revenue, accounting for over USD 95.0 billion by 2028. China is one of the major markets, and the sale in the country is expected to catapult over the foreseeable years stimulated by the rapid expansion of machinery and motor vehicle production coupled with a strong aftermarket for industrial equipment and motor vehicle repair. Moreover, the robust construction and mining equipment market in India is estimated to facilitate growth through 2028.

In Europe, the market is anticipated to witness favorable growth during the forecast period, owing to sustainable economic growth and increased investment. Furthermore, in the mature markets of the U.S., Western Europe, and Japan, the demand is driven by the rebounding productions of motor vehicles and a healthy fixed investment environment. Increased sales of high-value bearings, such as large-diameter, custom-built bearings used in heavy machinery, and wind turbines are also expected to drive the market in North America. In Middle East and Africa, the rapid development of city infrastructures is positively influencing the overall growth.

Key Companies & Market Share Insights

The key companies are increasingly emphasizing R&D projects to manufacture application-specific bearings and to increase their efficiency. Also, companies are undertaking various strategies such as partnerships, mergers, collaborations, capacity expansions, among others, to capture a higher share in the market and to increase their customer base. Intense competition has led manufacturers to invest in product developments and expansion of production to better cater to customer requirements. For instance, in September 2020, NTN Corporation announced the expansion of production and delivery of deep groove ball bearings specifically developed for electric vehicles (EVs) and hybrid electric vehicles (HEVs). Some of the prominent players in the bearings market include:

  • Brammer PLC

  • Harbin Bearing Manufacturing Co., Ltd.

  • HKT Bearings Ltd.

  • JTEKT Corporation

  • NBI Bearings Europe

  • NSK Global

  • NTN Corporation

  • RBC Bearings Inc.

  • Rexnord Corporation

  • RHP Bearings

  • Schaeffler Group

  • SKF Corporation

  • The Timken Company

Bearings Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 128.3 billion

Revenue forecast in 2028

USD 226.8 billion

Growth Rate

CAGR of 8.5% from 2021 to 2028

Base year for estimation

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD billion and CAGR from 2021 to 2028

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments Covered

Product, application, region

Regional scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa (MEA)

Country scope

U.S.; Canada; U.K.; Germany; France; Italy; Eastern Europe; China; India; Japan; Brazil; Mexico

Key companies profiled

Brammer PLC; Harbin Bearing Manufacturing Co., Ltd.; HKT Bearings Ltd.; JTEKT Corporation; NBI Bearings Europe; NSK Global; NTN Corporation; RBC Bearings Inc.; Rexnord Corporation; RHP Bearings; Schaeffler Group; SKF Corporation; The Timken Company

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For this study, Grand View Research has segmented the global bearings market report based on product, application, and region:

  • Product Outlook (Revenue, USD Billion, 2016 - 2028)

    • Ball Bearings

      • Deep Groove Bearings

      • Others

    • Roller Bearings

      • Split

      • Tapered

      • Others

    • Others

  • Application Outlook(Revenue, USD Billion, 2016 - 2028)

    • Automotive

    • Agriculture

    • Electrical

    • Mining & Construction

    • Railway & Aerospace

    • Automotive Aftermarket

    • Others

  • Regional Outlook (Revenue, USD Billion, 2016 - 2028)

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

      • France

      • Italy

      • Eastern Europe

    • Asia Pacific

      • China

      • India

      • Japan

    • Latin America

      • Brazil

      • Mexico

    • Middle East & Africa

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